The site is adjacent to First Base’s proposed Printworks development on Amelia Street, designed by Glenn Howells Architects.
Entrants will be asked to submit three A1 boards illustrating their proposals and a 10-page report.
A shortlist of four or five entries will be drawn up and invited to interview by a jury that includes Evening Standard architecture critic Rowan Moore, Southwark councillor Caroline Pidgeon and Witherford Watson Mann partner Stephen Witherford.
First Base managing director Elliot Lipton said: ‘The results of this competition will help to shape the future vision of Amelia Street and its immediate neighbourhood. In responding to this brief, we are looking for exceptional, intelligent and creative designs.’
Pidgeon added: ‘I hope that the competition will not only help to enhance the local area, but also knit the new development together with the existing landscape around Amelia Street.’
A public exhibition of the shortlisted entries will be placed on display and an extended article of the entries will feature in a future edition of the AJ.
Each shortlisted entrant will be paid an honorarium of £1,000, and the winner awarded a prize of £2,000 as well as being paid a fee of £8,000 to carry out the work.
The deadline for entries is 12 December 2008. The shortlist will be announced at the end of this year, with a winner selected by January 2009.
Entry forms can be downloaded from www.architecturefoundation.org.uk.